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The referendum rejected the troika bailout terms, and the day afterwards Varoufakis resigned as Minister of Finance, being `replaced by Euclid Tsakalotos.
On 24 August, Varoufakis voted against the third bailout package; in the ensuing September snap election, he did not stand for reelection.
When his teacher gave him a low mark for that, he became angry and has continued spelling his first name with one 'n' ever since.
Varoufakis finished his secondary education around 1976, when his parents deemed it too dangerous for him to continue his education in Greece.
He completed his Ph D in economics in 1987 writing a thesis on Optimization and Strikes, back at the University of Essex, where his Ph D supervisor was Monojit Chatterjee.
Between 19, Varoufakis taught economics and econometrics at the University of Essex and the University of East Anglia, and also taught at the University of Cambridge.
After being released in 1950, he completed his university studies and found employment as the personal assistant to the owner of Halyvourgiki, Greece's biggest steel producer.
A former member of Syriza, he served as Minister of Finance from January to July 2015 under Prime Minister Alexis Tsipras.In March 2018, he founded Me RA25, the "electoral wing" of Di EM25 in Greece.In the 2019 legislative election, Me RA25 was the sixth most voted-for party, amassing nine parliamentary seats, with Varoufakis himself returning to the Hellenic Parliament.In late October 2018, Varoufakis announced the upcoming launch of the Progressive International with United States Senator Bernie Sanders.Varoufakis's father, Georgios Varoufakis, was a Egyptiote Greek who emigrated from Cairo to Greece in the 1940s, arriving in the midst of the Greek Civil War.